Destination Market Insights In Colombia

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Destination Market Insights In Colombia
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Summary
Colombia's tourism industry has been growing fast
in recent years, partly due to a cease fire deal
with the FARC, on track to be finalised in
September 2016, and a weak peso. In 2015, the
country saw a 16.3 increase in terms of
international arrivals, which now stand at 2.3
million. It will see further growth to 3.2
million tourists in 2020, at an average annual
rate of 5.6
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Key Findings
The US is Colombia's number one source market,
with 429,000 visitors in 2015, and saw double
digit growth in the last two years. Although VFR
is popular amongst American tourists, Americans
are also visiting Colombia for medical treatment,
as the cost is significantly lower than in their
home country. Spain is Colombia's European
largest market, with 101,000 visitors in 2015.
The European market will be one of the fast
growing markets in the future and total arrivals
from Europe are expected to reach 566,900 in
2020. The airline industry in Colombia is
booming and the number of sold seats is forecast
to growth from 43.4 million in 2015 to 63.3
million in 2020, a total increase of 46 in five
years. However, Colombia has a low LCC
penetration rate (10 in 2015), which makes air
travel to Colombia expensive. Viva Colombia is
the largest LCC in Colombia with an 8 share in
2015, and has been growing rapidly since it
started in 2012.
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Synopsis
Destination Market Insights Colombia